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Thread: He gave away a fortune and remained anonymous for years

  1. #1
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    Default He gave away a fortune and remained anonymous for years

    He gave away a fortune and remained anonymous for years
    It took an ugly court battle with his family to reveal details about the very private, very rich Eldon Foote
    http://www.cbc.ca/news/canada/edmont...rity-1.4176150

    Very interesting life story. Even more remarkable that Foote donated so much to Edmonton despite living overseas for decades.
    “You have to dream big. If we want to be a little city, we dream small. If we want to be a big city, we dream big, and this is a big idea.” - Mayor Stephen Mandel, 02/22/2012

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    See. You don't have to pay taxes to be good person or to benefit society .

  3. #3

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    Quote Originally Posted by champking View Post
    See. You don't have to pay taxes to be good person or to benefit society .
    Foote's approach is exceedingly rare. Also, I'm sure Foote paid what taxes he had to pay. The old avoidance vs evasion issue. Moreover, most people do all they can to pass on their wealth to their kids and few leave it all to 'society' leaving little to nothing to their kids.

  4. #4

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    There was a mention in the article, that in addition to the 100K Foote possibly also bought his kids houses and his wife was left with an annuity the amount of which isn't known. An annuity, particularly, is a good idea if you want to guarantee that a person has an income for the time period of the annuity. In some instances this is a better arrangement than lump sum inheritance.

    Reading between the lines as well there was estrangement in the family, divorces, significant geographical separations, and probably less bonding.

    The response of the heirs suggests as well a determination to exist through the inheritance and that the proceedings were so bitter in lieu of the monies being donated to charities is somewhat odd. Suggests selfishness of the heirs. Such response is usually in response to "recent spouses", often termed gold diggers, for lack of better terms, inheriting the estate latently through recent wills.

    AS Foote stated he gave his heirs everything they needed, but alas, not everything they wanted.. they wanted it all. Less charitable, it seems, than Eldon was in life, and in death.

    For there to be this much rancor over an estate given to charities is a bit tawdry. A bit sad.
    "if god exists and he allowed that to happen, then its better that he doesn't exist"

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    Family loses vast fortune with a sting | Daily Telegraph

    http://www.dailytelegraph.com.au/fam...25445bb307ea22

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    The more enlightened wealthy deplore the notion of generational wealth mindful that it results in sloth and drains the motivation from their beneficiaries. Examples include Bill Gates who is reportedly leaving only $10 million to each of his 3 children, Sting, Warren Buffett, etc.

    They understand that their considerable wealth can be put to much better use rather than being merely trapped in the clutches of their families.
    Did my dog just fall into a pothole???

  7. #7

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    Quote Originally Posted by norwoodguy View Post
    The more enlightened wealthy deplore the notion of generational wealth mindful that it results in sloth and drains the motivation from their beneficiaries. Examples include Bill Gates who is reportedly leaving only $10 million to each of his 3 children, Sting, Warren Buffett, etc.

    They understand that their considerable wealth can be put to much better use rather than being merely trapped in the clutches of their families.
    It comes down to what degree one actually believes in merit and meritocracy vs a belief in property rights that promote inheritance and other generous means to gift wealth to one's children. And that's just the beginning. Think of the issues of unborn generations claims to past generations's assets, etc that often arise in unspoken terms around indigenous rights, privileged 'white' and other group's 'right', rights of the crown, ethnicity, culture, etc. - even past territorial rights that countries like China, etc claim.

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    Quote Originally Posted by Replacement View Post
    There was a mention in the article, that in addition to the 100K Foote possibly also bought his kids houses and his wife was left with an annuity the amount of which isn't known. An annuity, particularly, is a good idea if you want to guarantee that a person has an income for the time period of the annuity. In some instances this is a better arrangement than lump sum inheritance.

    Reading between the lines as well there was estrangement in the family, divorces, significant geographical separations, and probably less bonding.

    The response of the heirs suggests as well a determination to exist through the inheritance and that the proceedings were so bitter in lieu of the monies being donated to charities is somewhat odd. Suggests selfishness of the heirs. Such response is usually in response to "recent spouses", often termed gold diggers, for lack of better terms, inheriting the estate latently through recent wills.

    AS Foote stated he gave his heirs everything they needed, but alas, not everything they wanted.. they wanted it all. Less charitable, it seems, than Eldon was in life, and in death.

    For there to be this much rancor over an estate given to charities is a bit tawdry. A bit sad.
    It's never as simple as one would hope.

    I was a fly on the wall for loud discussions between Eldon and his son, Doug, regarding donations to cultural institutions. Doug owned the Sidetrack Cafe (where I booked the bands), and argued it was as important an Edmonton cultural institution as any other. Doug was right.

    Rancour is a small word for what was going on.

    I was left with the strong impression the elder Foote didn't even like his son Doug, maybe hated him, and there was nothing Doug could do to please his dad. It seemed to me his dad was donating large sums of money to institutions to spite his son.

    I'm sure there's a big back story. The way Eldon treated his son when I was there was flat out mean spirited. He came across as more of a bully than a father. It was abusive.

    I felt sorry for Doug at the time, and still do, though he was certainly no friend to me.
    aka Jim Good; "The sooner you fall behind, the more time you have to catch up." - Steven Wright

  9. #9

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    Quote Originally Posted by Jimbo View Post
    Quote Originally Posted by Replacement View Post
    There was a mention in the article, that in addition to the 100K Foote possibly also bought his kids houses and his wife was left with an annuity the amount of which isn't known. An annuity, particularly, is a good idea if you want to guarantee that a person has an income for the time period of the annuity. In some instances this is a better arrangement than lump sum inheritance.

    Reading between the lines as well there was estrangement in the family, divorces, significant geographical separations, and probably less bonding.

    The response of the heirs suggests as well a determination to exist through the inheritance and that the proceedings were so bitter in lieu of the monies being donated to charities is somewhat odd. Suggests selfishness of the heirs. Such response is usually in response to "recent spouses", often termed gold diggers, for lack of better terms, inheriting the estate latently through recent wills.

    AS Foote stated he gave his heirs everything they needed, but alas, not everything they wanted.. they wanted it all. Less charitable, it seems, than Eldon was in life, and in death.

    For there to be this much rancor over an estate given to charities is a bit tawdry. A bit sad.
    It's never as simple as one would hope.

    I was a fly on the wall for loud discussions between Eldon and his son, Doug, regarding donations to cultural institutions. Doug owned the Sidetrack Cafe (where I booked the bands), and argued it was as important an Edmonton cultural institution as any other. Doug was right.

    Rancour is a small word for what was going on.

    I was left with the strong impression the elder Foote didn't even like his son Doug, maybe hated him, and there was nothing Doug could do to please his dad. It seemed to me his dad was donating large sums of money to institutions to spite his son.

    I'm sure there's a big back story. The way Eldon treated his son when I was there was flat out mean spirited. He came across as more of a bully than a father. It was abusive.

    I felt sorry for Doug at the time, and still do, though he was certainly no friend to me.
    Sounds like helicopter parents can decapitate their kids ultimate well being through kindness or coercion.

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